There’s a solution if you feel like you’ve missed the boat when it comes to building your retirement savings due to expenses or time-out raising kids, study or parents’ aged care.
You may be eligible to make a catch-up (or carry-forward) contribution greater than the annual cap if you haven’t fully used your concessional contributions cap in an earlier financial year since 1 July 2018. This could help you to save even more for retirement, while also managing your tax.
Greater flexibility – people with irregular income or broken work patterns can enjoy the same opportunity for a comfortable retirement as those who have a regular income. Also, it can help people who can’t contribute to the concessional contribution cap in one year but can invest more over the following five years.
Tax concessions in super – Before-tax contributions or after-tax contributions into super which you claim as a tax deduction are taxed at up to 15% in your super fund compared to investments outside of super which are taxed at your marginal tax rate (up to 47%).
It could be, but first check that you’re eligible to contribute to super and that:
If you value the experience of experts in other aspects of your life, don't discount it when it comes to your financial wellbeing, including your super.
A financial adviser can help you identify ways to grow your super. So, start the conversation to see how a financial adviser can help you. If you don’t have one, give us a call and we can help you find one near you.
Consolidating your super by bringing it together in one place can be one of the most effective ways to grow your super, by no longer paying multiple fees and potentially multiple insurance premiums.
Voluntary contributions are money that you contribute into your super from your after-tax income or other money that you can invest. These are also known as non-concessional contributions.
Do you have more super than your spouse? You could add to their super and both enjoy the benefits of less tax and more super for retirement.
If you can afford to give up some of your salary to grow your super, and your employer allows, you can arrange for ‘salary sacrifice’ contributions.
If you’re a lower or middle-income earner, you might be eligible to receive a Government boost to your super.
The downsizer contribution allows eligible Australians aged 65 or older to sell their home and contribute up to $300,000 of the proceeds into their super.
The information on this web page is of general nature only and has been prepared on behalf of the Trustee without taking into account your objectives, financial circumstances or needs. Before acting on any of this information, you should consider whether it is appropriate to your objectives, financial circumstances and needs, and seek appropriate professional advice. You should not rely on this information to determine your personal tax obligations, please consult a registered tax agent for this purpose.